STOCKHOLM, Sweden, March 15, 2002 (PRIMEZONE) -- Skandia, February sales SEK 9.7 billion(1):
(1) All comparison figures pertain to the corresponding period a
year earlier, unless otherwise indicated.
Sales in February
Sales amounted to SEK 9.7 billion (11.7). Sales in January 2002 totalled SEK 10.6 billion.
Sales Through February
Sales amounted to SEK 20.3 billion (24.3). Sales are reported exclusive of paid-in premiums to Skandia Liv totalling SEK 2.5 billion (2.9). Of total sales, SEK 14.4 billion (16.4) pertains to unit linked assurance, SEK 4.6 billion (7.3) to mutual fund savings products, and SEK 1.0 billion (0.4) to direct sales of funds.
In the USA, sales of variable annuities in February amounted to SEK 5.6 billion (7.2), and sales of mutual funds totalled SEK 2.3 billion (5.0). During the fourth quarter of 2001, Skandia strengthened its number one position in the variable annuity market for sales through the independent broker distribution channel. Skandia's market share in this segment increased during the fourth quarter compared with the third quarter of 2001. Skandia also grew its market share in the National and Regional Wirehouses segment. According to our preliminary estimates, the total market position in variable annuities improved in January. The focus of the operations is now on the core products within variable annuities and mutual funds in the aim of further strengthening Skandia's market position in these areas.
Sales in the UK totalled SEK 6.4 billion (7.2). In Sweden, SkandiaLink's sales amounted to SEK 1.9 billion (1.7). Sales in markets outside the USA, the UK and Sweden amounted to SEK 3.0 billion (2.6).
New Sales of Unit Linked Assurance
New sales of unit linked assurance decreased by 17% through February compared with the same period in 2001.
Compared with the average exchange rates that applied for the full-year 2001, the positive effect of currency movements on sales through February 2002 was less than 1%.
Sales figures for the month of March will be released on 17 April 2002.
Definitions of Sales
Sales
Sales pertain to paid-in premiums and deposits in funds from Skandia's customers.
New Sales
New sales pertain to single and regular premiums from unit linked contracts entered into in 2001, recalculated to full-year figures. According to industry practice, new sales are defined as regular premiums recalculated to full-year figures plus 1/10 of single premiums during the period.
Exchange 2002 2002 2001 2001 2001 rates Feb. 28 Jan. 31 Dec. 31 Feb. 28 Jan. 31 SEK EUR Closing rate 9.05 9.16 9.33 9.07 8.85 EUR Average rate 9.18 9.24 9.29 8.93 8.90 GBP Closing rate 14.80 15.04 15.32 14.22 13.89 GBP Average rate 15.05 15.18 15.01 14.08 14.01 USD Closing rate 10.46 10.64 10.58 9.84 9.50 USD Average rate 10.56 10.61 10.43 9.59 9.47 JPY Closing rate 0.078 0.080 0.081 0.085 0.082 JPY Average rate 0.079 0.080 0.086 0.082 0.081
Sales figures have been affected by the sale of parts of the fund business conducted by Skandia Asset Management to Den norske Bank. Monthly sales of SEK 9.7 billion and SEK 10.6 billion for February and January 2002, respectively, are reported after deducting SEK 0.2 billion and SEK 0.3 billion, respectively. The comparison figures for 2001 have also been recalculated. Direct sales of mutual funds pertaining to January, February and December 2001 have thereby decreased by SEK 0.4 billion, SEK 0.3 billion and SEK 0.2 billion, respectively.
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